SHEN on Nasdaq
SHENANDOAH TELECOMMUNICATIONS CO/VA/
American telephone communications company, incorporated in Virginia1
In its 2026 annual report the company says: “The Company owns an extensive regional network with approximately 19,000 route miles of fiber. We also lease dark fiber and provide Ethernet and Wavelength fiber optic services to enterprise and wholesale customers throughout the entirety of our service area.”3 It is headquartered in Edinburg, Virginia.1 Its shares trade on Nasdaq under the symbol SHEN.1
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Last updated Oct 21, 2026.
Overview
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- TickerSHEN on Nasdaq1
- IndustryTelephone Communications (No Radiotelephone)1
- HeadquartersEdinburg, Virginia1
- Incorporated inVA2
- Business addressPo Box 459, 500 Shentel Way, Edinburg, Va 228242
- Filer categoryLarge accelerated filer2
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Shenandoah Telecommunications Company and its subsidiaries (“Shentel”, “we”, “our”, “us”, or the “Company”), provide broadband services through its high speed, state-of-the-art fiber-optic and cable networks to customers in eight contiguous states in the eastern United States. The Company’s services include: broadband internet, video and voice; high-speed Ethernet, dark fiber leasing; and managed network services. The Company owns an extensive regional network with approximately 19,000 route miles of fiber. For more information, please visit www.shentel.com.3 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
-6.5%Operating margin4
-9.2%Net margin4
9.1%Revenue growth, 20254
-3.7%Return on equity4
0.71×Debt to equity4
-$257.9MFree cash flow4
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Residential And SMB - Incumbent Broadband brought in 47% of the revenue SHENANDOAH TELECOMMUNICATIONS CO/VA/ broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Residential And SMB - Incumbent Broadband | $174.7M | $174.8M | $169.7M |
| Residential And SMB - Glo Fiber Expansion Markets | $35.1M | $57.9M | $82.6M |
| Commercial Fiber | $44.3M | $70.1M | $79.3M |
| RLEC & Other | $15.0M | $25.3M | $26.3M |
| Income From Leasing Arrangements | $2.6M | $5.8M | $6.8M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Selling, general and admin33¢$118.2M
- Other costs64¢$230.8M
- Income tax2¢$8.9M
Out of $357.9M in revenue.4 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025
- Capital spending98¢$358.9M
- Dividends paid2¢$6.4M
Out of $101.0M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.4
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Service revenue and other | $357.9M | $328.1M | $269.1M |
| Cost of services exclusive of depreciation and amortization | $130.1M | $128.1M | $100.8M |
| Selling, general and administrative | $118.2M | $115.2M | $99.3M |
| Restructuring, integration and acquisition | $1.2M | $14.5M | $2.9M |
| Depreciation and amortization | $131.6M | $98.8M | $65.9M |
| Total operating expenses | $381.1M | $356.6M | $269.0M |
| Operating (loss) income | -$23.2M | -$28.6M | $142.0K |
| Interest expense | -$25.4M | -$15.9M | -$4.2M |
| Other income, net | $6.8M | $6.5M | $5.6M |
| (Loss) income from continuing operations before income taxes | -$41.9M | -$38.0M | $1.5M |
| Income tax (benefit) expense | -$8.9M | -$9.7M | $501.0K |
| (Loss) income from continuing operations | -$32.9M | -$28.4M | $1.0M |
| Income from discontinued operations, net of tax | $0 | $2.0M | $7.0M |
| Gain on the sale of discontinued operations, net of tax | $0 | $220.2M | $0 |
| Total income from discontinued operations, net of tax | $0 | $222.2M | $7.0M |
| Net (loss) income | -$32.9M | $193.8M | $8.0M |
| Dividends on redeemable noncontrolling interest | $6.4M | $3.4M | $0 |
| Net (loss) income attributable to common shareholders | -$39.4M | $190.4M | $8.0M |
| Basic - (Loss) income from continuing operations (in dollars per share) | -$1 | -$1 | $0 |
| Basic - Income from discontinued operations, net of tax (in dollars per share) | $0 | $4 | $0 |
| Basic net (loss) income per share (in dollars per share) | -$0.71 | $3.54 | $0.16 |
| Diluted - (Loss) income from continuing operations (in dollars per share) | -$1 | -$1 | $0 |
| Diluted - Income from discontinued operations, net of tax (in dollars per share) | $0 | $4 | $0 |
| Diluted net (loss) income per share (in dollars per share) | -$0.71 | $3.54 | $0.16 |
| Weighted average shares outstanding, basic (in shares) | 55.1M shares | 53.7M shares | 50.4M shares |
| Weighted average shares outstanding, diluted (in shares) | 55.1M shares | 53.7M shares | 50.7M shares |
| Cash dividends declared per common share (in dollars per share) | $0.11 | $0.10 | $0.09 |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $27.3M | $46.3M | ||
| Restricted cash and cash equivalents | $20.9M | $0 | ||
| Accounts receivable, net of allowance for credit losses of $829 and $1,156, respectively | $31.5M | $29.7M | ||
| Income taxes receivable | $2.5M | $1.2M | ||
| Prepaid expenses and other | $15.2M | $17.3M | ||
| Total current assets | $97.4M | $94.5M | ||
| Investments | $16.5M | $15.7M | ||
| Property, plant and equipment, net | $1.6B | $1.4B | ||
| Goodwill | $67.5M | $67.1M | ||
| Intangible assets, net | $89.4M | $90.7M | ||
| Operating lease right-of-use assets | $19.7M | $19.5M | ||
| Deferred charges and other assets | $18.7M | $14.2M | ||
| Total assets | $1.9B | $1.7B | ||
| Current maturities of long-term debt, net of unamortized loan fees | $0 | $9.2M | ||
| Accounts payable | $61.4M | $57.8M | ||
| Advanced billings and customer deposits | $16.9M | $16.1M | ||
| Accrued compensation | $13.3M | $16.3M | ||
| Current operating lease liabilities | $2.8M | $3.1M | ||
| Accrued liabilities and other | $14.1M | $12.1M | ||
| Total current liabilities | $108.5M | $114.6M | ||
| Long-term debt, less current maturities, net of unamortized loan fees | $628.2M | $407.7M | ||
| Deferred income taxes | $157.6M | $167.7M | ||
| Benefit plan obligations | $4.2M | $4.9M | ||
| Non-current operating lease liabilities | $10.6M | $10.8M | ||
| Other liabilities | $32.3M | $33.5M | ||
| Total other long-term liabilities | $204.7M | $217.0M | ||
| Redeemable noncontrolling interest | $88.5M | $82.5M | ||
| Common stock, no par value, authorized 96,000; 54,899 and 54,605 issued and outstanding at December 31, 2025 and 2024, respectively | $0 | $0 | ||
| Additional paid in capital | $157.2M | $147.7M | ||
| Retained earnings | $723.6M | $769.0M | ||
| Accumulated other comprehensive income, net of taxes | $0 | $1.9M | ||
| Total shareholders equity | $880.8M | $918.6M | $652.7M | $638.0M |
| Total liabilities, temporary equity and shareholders equity | $1.9B | $1.7B | ||
| Allowance for doubtful accounts | $829.0K | $1.2M | ||
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Common stock, shares authorized (in shares) | 96.0M shares | 96.0M shares | ||
| Common stock, shares issued (in shares) | 54.9M shares | 54.6M shares | ||
| Common stock, shares outstanding (in shares) | 54.9M shares | 54.6M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $27.3M | $46.3M | ||
| Restricted cash and cash equivalents | $20.9M | $0 | ||
| Accounts receivable, net of allowance for credit losses of $829 and $1,156, respectively | $31.5M | $29.7M | ||
| Income taxes receivable | $2.5M | $1.2M | ||
| Prepaid expenses and other | $15.2M | $17.3M | ||
| Total current assets | $97.4M | $94.5M | ||
| Investments | $16.5M | $15.7M | ||
| Property, plant and equipment, net | $1.6B | $1.4B | ||
| Goodwill | $67.5M | $67.1M | ||
| Intangible assets, net | $89.4M | $90.7M | ||
| Operating lease right-of-use assets | $19.7M | $19.5M | ||
| Deferred charges and other assets | $18.7M | $14.2M | ||
| Total assets | $1.9B | $1.7B | ||
| Current maturities of long-term debt, net of unamortized loan fees | $0 | $9.2M | ||
| Accounts payable | $61.4M | $57.8M | ||
| Advanced billings and customer deposits | $16.9M | $16.1M | ||
| Accrued compensation | $13.3M | $16.3M | ||
| Current operating lease liabilities | $2.8M | $3.1M | ||
| Accrued liabilities and other | $14.1M | $12.1M | ||
| Total current liabilities | $108.5M | $114.6M | ||
| Long-term debt, less current maturities, net of unamortized loan fees | $628.2M | $407.7M | ||
| Deferred income taxes | $157.6M | $167.7M | ||
| Benefit plan obligations | $4.2M | $4.9M | ||
| Non-current operating lease liabilities | $10.6M | $10.8M | ||
| Other liabilities | $32.3M | $33.5M | ||
| Total other long-term liabilities | $204.7M | $217.0M | ||
| Redeemable noncontrolling interest | $88.5M | $82.5M | ||
| Common stock, no par value, authorized 96,000; 54,899 and 54,605 issued and outstanding at December 31, 2025 and 2024, respectively | $0 | $0 | ||
| Additional paid in capital | $157.2M | $147.7M | ||
| Retained earnings | $723.6M | $769.0M | ||
| Accumulated other comprehensive income, net of taxes | $0 | $1.9M | ||
| Total shareholders equity | $880.8M | $918.6M | $652.7M | $638.0M |
| Total liabilities, temporary equity and shareholders equity | $1.9B | $1.7B | ||
| Allowance for doubtful accounts | $829.0K | $1.2M | ||
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Common stock, shares authorized (in shares) | 96.0M shares | 96.0M shares | ||
| Common stock, shares issued (in shares) | 54.9M shares | 54.6M shares | ||
| Common stock, shares outstanding (in shares) | 54.9M shares | 54.6M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net (loss) income | -$32.9M | $193.8M | $8.0M |
| Income from discontinued operations, net of tax | $0 | $222.2M | $7.0M |
| (Loss) income from continuing operations | -$32.9M | -$28.4M | $1.0M |
| Depreciation and amortization | $129.7M | $96.9M | $62.9M |
| Amortization of intangible assets | $1.9M | $1.5M | $490.0K |
| Provision for credit losses | $1.5M | $2.1M | $2.9M |
| Stock-based compensation expense, net of amount capitalized | $9.6M | $9.8M | $10.0M |
| Deferred income taxes | -$9.5M | -$9.8M | $3.0M |
| Impairment expense | $0 | $382.0K | $2.6M |
| Gain on sale of FCC spectrum licenses | $0 | $0 | -$1.3M |
| Other, net | -$52.0K | $626.0K | -$462.0K |
| Accounts receivable | $413.0K | -$2.5M | -$143.0K |
| Current income taxes | $973.0K | $1.4M | $25.5M |
| Operating lease assets and liabilities, net | -$914.0K | -$361.0K | $65.0K |
| Other assets | -$868.0K | -$3.3M | $4.9M |
| Accounts payable | $1.0M | -$2.2M | -$3.0M |
| Other deferrals and accruals | $2.4M | $3.0M | -$4.0M |
| Net cash provided by operating activities - continuing operations | $103.3M | $69.4M | $104.3M |
| Net cash (used in) provided by operating activities - discontinued operations | -$2.3M | -$6.8M | $9.4M |
| Net cash provided by operating activities | $101.0M | $62.6M | $113.8M |
| Capital expenditures | -$358.9M | -$319.1M | -$255.1M |
| Government grants received | $62.5M | $19.2M | $1.9M |
| Proceeds from escrow related to business acquisition | $6.5M | $0 | $0 |
| Cash disbursed for acquisition, net of cash acquired | -$5.0M | -$347.4M | $0 |
| Proceeds from the sale of FCC spectrum licenses | $0 | $0 | $17.3M |
| Proceeds from sale of assets and other | $269.0K | $2.0M | $655.0K |
| Net cash used in investing activities - continuing operations | -$294.7M | -$645.2M | -$235.2M |
| Net cash provided by (used in) investing activities - discontinued operations | $0 | $305.8M | -$1.5M |
| Net cash used in investing activities | -$294.7M | -$339.4M | -$236.7M |
| Principal payments on long-term debt | -$593.0M | -$7.0M | $0 |
| Proceeds from credit facility borrowings | $816.7M | $125.0M | $225.0M |
| Payments for debt issuance and amendment costs | -$18.7M | -$4.6M | -$300.0K |
| Proceeds from the issuance of redeemable noncontrolling interest, net of financing fees paid | $0 | $79.4M | $0 |
| Dividends paid | -$6.4M | -$5.8M | -$4.5M |
| Taxes paid for equity award issuances | -$1.0M | -$1.7M | -$1.4M |
| Payments for financing arrangements and other | -$2.0M | -$1.4M | -$679.0K |
| Net cash provided by financing activities | $195.6M | $183.9M | $218.1M |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | $1.9M | -$93.0M | $95.2M |
| Interest paid, net of amounts capitalized | -$20.8M | -$12.1M | -$3.0M |
No quarter-by-quarter statement was filed.
Compare SHENANDOAH TELECOMMUNICATIONS CO/VA/ with another company
Corporate structure
SHENANDOAH TELECOMMUNICATIONS CO/VA/ sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of SHENANDOAH TELECOMMUNICATIONS CO/VA/
- DIMENSIONAL FUND ADVISORS LP Filed SCHEDULE 13G on SHENANDOAH TELECOMMUNICATIONS CO/VA/, latest Oct 8, 2026
- BlackRock Filed SCHEDULE 13G/A on SHENANDOAH TELECOMMUNICATIONS CO/VA/, latest Oct 5, 2026 (7 filings since Jan 25, 2022)
- SOUTHEASTERN ASSET MANAGEMENT INC/TN/ Filed SCHEDULE 13G/A on SHENANDOAH TELECOMMUNICATIONS CO/VA/, latest Aug 14, 2026 (2 filings since Feb 13, 2026)
- GCM Investments GP, LLC Filed SCHEDULE 13D/A on SHENANDOAH TELECOMMUNICATIONS CO/VA/, latest Jun 10, 2026 (2 filings since May 17, 2024)
- Barclays Filed SCHEDULE 13G/A on SHENANDOAH TELECOMMUNICATIONS CO/VA/, latest May 14, 2026 (2 filings since Nov 12, 2025)
- VANGUARD GROUP INC Filed SCHEDULE 13G/A on SHENANDOAH TELECOMMUNICATIONS CO/VA/, latest Mar 27, 2026 (6 filings since Feb 10, 2022)
- ECP ControlCo, LLC Filed SCHEDULE 13D/A on SHENANDOAH TELECOMMUNICATIONS CO/VA/, latest Aug 12, 2025 (6 filings since Apr 8, 2024)
- SHENANDOAH TELECOMMUNICATIONS CO/VA/ Edinburg, Virginia
Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What SHENANDOAH TELECOMMUNICATIONS CO/VA/ reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, before depreciation | $2.2B4 Dec 31, 2025 | $2.0B4 Dec 31, 2024 | +13.1% |
| Accumulated depreciation | $638.8M4 Dec 31, 2025 | $541.6M4 Dec 31, 2024 | +18.0% |
| Property and equipment, net | $1.6B4 Dec 31, 2025 | $1.4B4 Dec 31, 2024 | +11.3% |
| Operating-lease assets (leased space) | $19.7M4 Dec 31, 2025 | $19.5M4 Dec 31, 2024 | +0.6% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $27.3M4 Dec 31, 2025 | $46.3M4 Dec 31, 2024 | −41.1% |
| Equity securities at fair value | $3.1M4 Dec 31, 2025 | $2.7M4 Dec 31, 2024 | +14.5% |
| Long-term investments | $16.5M4 Dec 31, 2025 | $15.7M4 Dec 31, 2024 | +5.1% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Goodwill | $67.5M4 Dec 31, 2025 | $67.1M4 Dec 31, 2024 | +0.7% |
| Intangible assets, net (excluding goodwill) | $89.4M4 Dec 31, 2025 | $90.7M4 Dec 31, 2024 | −1.5% |
| Indefinite-lived intangibles (excluding goodwill) | $77.0M4 Dec 31, 2025 | $77.0M4 Dec 31, 2024 | 0% |
| Finite-lived intangibles, gross | $43.5M4 Dec 31, 2025 | $43.0M4 Dec 31, 2024 | +1.4% |
| Accumulated amortization | $31.2M4 Dec 31, 2025 | $29.3M4 Dec 31, 2024 | +6.6% |
| Finite-lived intangibles, net | $12.3M4 Dec 31, 2025 | $13.7M4 Dec 31, 2024 | −9.8% |
Properties, in its own words
The Company owns or leases switching and data centers, office and retail space, warehouses, fiber optic hubs and points of presence that support its operations located across a multi-state area covering Virginia, Pennsylvania, West Virginia, Maryland, Kentucky, Delaware, Ohio and Indiana. The Company considers the properties owned or leased generally to be in good operating condition and suitable for its business operations.
Item 2 of the 10-K filed Feb 26, 2026.3
Leadership
Who has led SHENANDOAH TELECOMMUNICATIONS CO/VA/, and when. Pick a name to see everywhere that person has worked.
Chief financial officer
Chief operating officer
2010201520202025
- Chief executive officerEdward H. McKay Feb 5, 2026 to now13
- Chief executive officerChristopher E. French Apr 19, 2023 to Feb 5, 202614
- Chief executive officerEarle A. Mackenzie May 9, 2012 to May 9, 201215
- ChairChristopher E. French Feb 5, 2026 to now16
- PresidentEdward H. McKay Feb 5, 2026 to now13
- PresidentChristopher E. French May 10, 2006 to Feb 5, 202617
- Chief financial officerJames J. Volk Jun 26, 2019 to now18
- Chief financial officerJames F. Woodward Dec 8, 2017 to Feb 27, 201919
- Chief operating officerEdward H. McKay Jul 8, 2021 to Feb 24, 202520
- Chief operating officerDavid L. Heimbach May 16, 2018 to Jul 2, 202121
- Chief operating officerEarle A. Mackenzie May 15, 2006 to Feb 21, 201822
Board members and other officers (42)
- VP & Chief Accounting OfficerTracy Willis Apr 23, 2025 to now23
- VP Legal/Gen Counsel & SecAngela M. Olsen Oct 28, 2025 to now24
- SVP Commercial SalesGlenn E. Lytle Jr. Aug 1, 2024 to now25
- VP-Legal/Gen Counsel & SecDerek Rieger Feb 23, 2022 to Feb 24, 202526
- SVP Sales & MarketingDara Leslie Jul 27, 2022 to now27
- VP & Chief Accounting OfficerDennis Romps Aug 26, 2021 to Feb 20, 202428
- VP & Chief Information OfficerElaine Cheng Mar 15, 2019 to now29
- SR VP & Head of Bus DevRichard W. Mason Jr. May 14, 2019 to now30
- VP & Chief Accounting OfficerChase L. Stobbe May 23, 2019 to Feb 22, 202131
- VP & Chief HROHeather K. Banks Jul 9, 2019 to now32
- Gen Counsel & Sec; VP-LegalAnn E. Flowers Mar 10, 2011 to Mar 10, 201133
- VP-Information TechnologyChristopher S. Kyle Jun 22, 2010 to Jun 23, 201134
- VP-Information TechnologyEdward H. McKay Jun 22, 2010 to Feb 22, 202135
- VP-Information TechnologyRichard A. Baughman Jun 22, 2010 to Jun 28, 201836
- VP-Wireless & Cable OperationsThomas A. Whitaker Jun 22, 2010 to Jun 10, 202137
- Executive Vice PresidentEarle A. Mackenzie Jun 23, 2010 to Feb 20, 201838
- VP Finance & TreasurerAdele M. Skolits Sep 18, 2007 to Nov 7, 201739
- VP - SalesWilliam L. Pirtle Sep 19, 2007 to Jul 9, 202140
- VP-Information TechnologyLaurence F. Paxton Mar 29, 2006 to Jan 30, 200741
- Board memberMatthew Rinklin Jun 10, 2026 to now42
- Board memberAiv 1. L.p. Lif May 10, 2024 to now43
- Board memberJames F. Dimola May 10, 2024 to now44
- Board memberMatthew Denichilo May 10, 2024 to Feb 18, 202545
- Board memberMichael Jay Sacks May 10, 2024 to now43
- Board memberMichael Anthony Rhymes Aug 1, 2024 to now46
- Board memberVictor Christopher Barnes Mar 2, 2022 to now47
- Board memberThomas Beckett May 2, 2018 to now48
- Board memberKenneth L. Quaglio Feb 6, 2017 to now49
- Board memberLeigh Ann Schultz Jul 20, 2016 to now50
- Board memberW. Flora John May 7, 2008 to now51
- Board memberDale S. Lam May 2, 2007 to Feb 24, 202252
- Board memberTracy Fitzsimmons Jun 29, 2007 to now53
- Board memberKen L. Burch Aug 1, 2007 to May 2, 201854
- Board memberNoel M. Borden Jan 11, 2006 to Jun 13, 200655
- Board memberWilliam A. Truban Jr. Jan 25, 2006 to Sep 19, 200756
- Board memberRichard L. Koontz Jr. May 3, 2006 to now57
- Board memberChristopher E. French May 10, 2006 to Jan 4, 202117
- Board memberDouglas C. Arthur Dec 5, 2006 to Jun 23, 201658
- Board memberJames E. Zerkel Ii. Dec 5, 2006 to Feb 27, 201959
- General counselRaymond B. Ostroski Feb 19, 2013 to Feb 22, 202260
- General counselAnn E. Flowers Nov 18, 2008 to Jan 2, 201361
- General counselJonathan R. Spencer Oct 16, 2006 to Feb 28, 200862
Timeline
- Jul 29, 20268-K Results of operations63
- Jul 22, 20268-K Executive or director change64
- Jun 8, 20268-K Executive or director change65
- May 1, 20268-K Results of operations66
- Apr 23, 20268-K Shareholder vote; Regulation FD disclosure67
- Feb 26, 20268-K Results of operations68
- Feb 5, 2026New chief executive Edward H. McKay becomes CEO13
- Jan 22, 20268-K Executive or director change69
- Dec 10, 20258-K Entered a material agreement; New debt or obligation; Regulation FD disclosure70
- Nov 20, 20258-K Other events71
- Oct 29, 20258-K Results of operations72
- Jul 31, 20258-K Results of operations73
- Jul 31, 20258-K Executive or director change; Bylaws or fiscal year changed; Regulation FD disclosure74
- Apr 19, 2023New chief executive Christopher E. French becomes CEO14
- May 9, 2012New chief executive Earle A. Mackenzie becomes CEO15
Calendar
Coming up
- Oct 28, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported ($0.20) a share, on Oct 29, 2025.75
When it reported results
- Jul 29, 2026Reported quarterly or annual results63
- May 1, 2026Reported quarterly or annual results66
- Feb 26, 2026Reported quarterly or annual results68
- Oct 29, 2025Reported quarterly or annual results72
- Jul 31, 2025Reported quarterly or annual results73
- Apr 30, 2025Reported quarterly or annual results76
- Feb 20, 2025Reported quarterly or annual results77
- Nov 7, 2024Reported quarterly or annual results78
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
787 filings to the SEC since October 2021: 5 annual reports, 16 quarterly reports, 50 major events, 667 insider forms, 26 large holders, 23 other. The latest 20:
- Oct 8, 2026SCHEDULE 13G EDGAR
- Oct 5, 2026SCHEDULE 13G/A EDGAR
- Oct 2, 20264 EDGAR
- Oct 2, 20264 EDGAR
- Oct 2, 20264 EDGAR
- Oct 2, 20264 EDGAR
- Oct 2, 20264 EDGAR
- Oct 2, 20264 EDGAR
- Sep 3, 20264 EDGAR
- Sep 3, 20264 EDGAR
- Sep 3, 20264 EDGAR
- Sep 3, 20264 EDGAR
- Sep 3, 20264 EDGAR
- Sep 3, 20264 EDGAR
- Aug 14, 2026SCHEDULE 13G/A EDGAR
- Aug 4, 20264 EDGAR
- Aug 4, 20264 EDGAR
- Aug 4, 20264 EDGAR
- Aug 4, 20264 EDGAR
- Aug 4, 20264 EDGAR
The 787 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
152 open-market trades by officers, directors and large owners since October 2021: 151 buys and 1 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jul 31, 2026 | VOLK JAMES JSVP Finance & CFO | Buy | 4,283 | $11.67 | $50.0K | Form 4 |
| Jul 31, 2026 | McKay Edward HPresident & CEO | Buy | 2,000 | $12.14 | $24.3K | Form 4 |
| Sep 11, 2025 | Hill City Holdings GP, LLC10% owner | Buy | 1,803 | $13.34 | $24.1K | Form 4 |
| Sep 11, 2025 | ECP ControlCo, LLC10% owner | Buy | 1,803 | $13.34 | $24.1K | Form 4 |
| Sep 10, 2025 | Hill City Holdings GP, LLC10% owner | Buy | 13,541 | $13.29 | $180.0K | Form 4 |
| Sep 10, 2025 | ECP ControlCo, LLC10% owner | Buy | 13,541 | $13.29 | $180.0K | Form 4 |
| Sep 9, 2025 | Energy Capital Partners GP IV, LP10% owner | Buy | 362 | $13.39 | $4.8K | Form 4 |
| Sep 9, 2025 | ECP Fiber Holdings GP, LLC10% owner | Buy | 362 | $13.39 | $4.8K | Form 4 |
| Sep 8, 2025 | Energy Capital Partners GP IV, LP10% owner | Buy | 147 | $13.46 | $2.0K | Form 4 |
| Sep 8, 2025 | ECP Fiber Holdings GP, LLC10% owner | Buy | 147 | $13.46 | $2.0K | Form 4 |
| Sep 5, 2025 | ENERGY CAPITAL PARTNERS IV-A, LP10% owner | Buy | 3,000 | $13.45 | $40.4K | Form 4 |
| Sep 5, 2025 | Hill City Holdings GP, LLC10% owner | Buy | 3,000 | $13.45 | $40.4K | Form 4 |
| Sep 4, 2025 | ENERGY CAPITAL PARTNERS IV-A, LP10% owner | Buy | 2,068 | $12.96 | $26.8K | Form 4 |
| Sep 4, 2025 | Hill City Holdings GP, LLC10% owner | Buy | 2,068 | $12.96 | $26.8K | Form 4 |
| Sep 3, 2025 | ECP ControlCo, LLC10% owner | Buy | 30,000 | $12.79 | $383.7K | Form 4 |
| Sep 3, 2025 | Hill City Holdings, LP10% owner | Buy | 30,000 | $12.79 | $383.7K | Form 4 |
| Sep 2, 2025 | ECP ControlCo, LLC10% owner | Buy | 28,951 | $13.01 | $376.7K | Form 4 |
| Sep 2, 2025 | Hill City Holdings, LP10% owner | Buy | 28,951 | $13.01 | $376.7K | Form 4 |
| Aug 29, 2025 | ENERGY CAPITAL PARTNERS IV-B, LP10% owner | Buy | 12,000 | $13.25 | $159.0K | Form 4 |
| Aug 29, 2025 | Hill City Holdings, LP10% owner | Buy | 12,000 | $13.25 | $159.0K | Form 4 |
All 152 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- DIMENSIONAL FUND ADVISORS LPSCHEDULE 13G, 1 filing Oct 8, 202679
- BlackRockSCHEDULE 13G/A, 7 filings Jan 25, 2022 to Oct 5, 202680
- SOUTHEASTERN ASSET MANAGEMENT INC/TN/SCHEDULE 13G/A, 2 filings Feb 13, 2026 to Aug 14, 202681
- GCM Investments GP, LLCSCHEDULE 13D/A, 2 filings May 17, 2024 to Jun 10, 202682
- BarclaysSCHEDULE 13G/A, 2 filings Nov 12, 2025 to May 14, 202683
- VANGUARD GROUP INCSCHEDULE 13G/A, 6 filings Feb 10, 2022 to Mar 27, 202684
- ECP ControlCo, LLCSCHEDULE 13D/A, 6 filings Apr 8, 2024 to Aug 12, 202585
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Christopher E. FrenchExecutive Chairman (served as President and CEO until August 31) | 67 | $638.8K | $3.0M86 |
| 2025 | Edward H. McKayPresident and CEO (served as EVP and COO until August 31) | $494.6K | $2.3M86 | |
| 2025 | James J. VolkSVP–Finance and CFO | $436.0K | $1.6M86 | |
| 2025 | Richard W. MasonSVP-Eng & Ops | $351.3K | $1.2M86 | |
| 2025 | Elaine M. ChengSVP and CIO | $336.7K | $1.1M86 | |
| 2024 | Christopher E. FrenchExecutive Chairman (served as President and CEO until August 31) | 67 | $704.9K | $3.3M86 |
| 2024 | Edward H. McKayPresident and CEO (served as EVP and COO until August 31) | $447.4K | $2.2M86 | |
| 2024 | James J. VolkSVP–Finance and CFO | $422.7K | $1.6M86 | |
| 2024 | Richard W. MasonSVP-Eng & Ops | $336.8K | $1.2M86 | |
| 2024 | Elaine M. ChengSVP and CIO | $331.5K | $1.1M86 | |
| 2023 | Christopher E. FrenchExecutive Chairman (served as President and CEO until August 31) | 67 | $689.0K | $3.4M86 |
| 2023 | Edward H. McKayPresident and CEO (served as EVP and COO until August 31) | $411.3K | $2.1M86 | |
| 2023 | James J. VolkSVP–Finance and CFO | $409.4K | $1.7M86 | |
| 2023 | Richard W. MasonSVP-Eng & Ops | $325.0K | $1.2M86 | |
| 2023 | Elaine M. ChengSVP and CIO | $321.9K | $1.1M86 |
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How SHENANDOAH TELECOMMUNICATIONS CO/VA/ is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARSHENANDOAH TELECOMMUNICATIONS CO/VA/1
- CIK0000354963
- Employer ID (EIN)54-11628073
- Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company3
- Incorporated inVirginia3
- Fiscal year endsDecember 311
- Industry code (SIC)4813 Telephone Communications (No Radiotelephone)1
- SEC reviewing officeOffice of Technology, Division of Corporation Finance1
- Business addressPo Box 459, 500 Shentel Way, Edinburg, VA 228241
- Mailing addressP O Box 459, 500 Shentel Way, Edinburg, VA 228241
- Phone54098441411
- Shares outstanding55,322,001 as of Apr 24, 202611
- Public float$600.0M as of Jun 30, 20253
- AuditorRSM US LLP, Boston, Massachusetts PCAOB ID 49; it also attests to the company’s internal control over financial reporting3
- On EDGAR sinceNov 14, 19941
- Filings2,740 in all: 4 (1,962), 8-K (351), 10-Q (96), 4/A (87), 3 (44), 10-K (32), DEF 14A (32), SC 13G/A (31)1
All 32 form types
10-Q/A (18), DEFA14A (12), 8-K/A (9), ARS (8), SC 13G (8), SCHEDULE 13G/A (6), 5 (5), SCHEDULE 13D/A (5), CORRESP (4), NT 10-K (4), S-8 (4), UPLOAD (4), PRE 14A (3), SCHEDULE 13G (3), S-8 POS (2), SC 13D (2), 10-K/A (1), 424B3 (1), 5/A (1), DEFR14A (1), EFFECT (1), S-3 (1), S-3D (1), SC 13D/A (1)
- Latest filingsAnnual report (10-K) Feb 26, 2026
Quarterly report (10-Q) Jul 29, 2026
Proxy statement (DEF 14A) Mar 9, 2026
Latest 8-K (8-K) Jul 29, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock (No Par Value) | SHEN | NASDAQ Global Select Market |
From the cover page of the 10-K filed Feb 26, 2026 (Section 12(b) of the Exchange Act).3
Risk factors and legal proceedings
The risks SHENANDOAH TELECOMMUNICATIONS CO/VA/ names in Item 1A of its 10-K filed Feb 26, 2026: 29 risks under these headings, as written.3
- Risks Related to Our Business
- Intensifying competition may limit our ability to continue to grow our revenue.
- Our future growth is primarily dependent upon our expansion strategy, which may or may not be successful.
- We may be materially adversely affected by regulatory, legal and economic changes relating to our physical plant.
- Some of our competitors are larger than we are and possess greater resources than we do.
- Alternative technologies, changes in the regulatory environment and current uncertainties in the marketplace may reduce future demand for existing telecommunication services and materially increase our capital expenditures.
- Our programming costs continue to increase, and our relative size limits our ability to negotiate more favorable terms, which may have an adverse effect on our business and our results of operations.
- We may not benefit from our acquisition strategy.
- The future outbreak of another significant pandemic, like the COVID-19 pandemic, could disrupt the operation of our business resulting in adverse impacts to our financial condition, results of operations and cash flow and could create significant volatility in the trading and value of the Company’s common stock.
- Disruptions of our information technology infrastructure or operations could harm our business.
- Our earnings, margins and stock price may be adversely impacted by our current cost structure as a result of our relative size.
- Our success depends on consistent supply of physical goods and services to build and sustain services to customers. Significant disruptions to the supply chain, including increased tariffs, could adversely impact our growth, operations and revenue projections.
The other 18 risks
- Our success largely depends on our ability to retain and recruit key personnel, and any failure to do so could adversely affect our ability to manage our business.
- We could suffer a loss of revenue and increased costs, exposure to significant liability, reputational harm and other serious negative consequences if we sustain cyber-attacks or other data security breaches that disrupt our operations or result in the dissemination of proprietary or confidential information about us or our customers or other third parties.
- Climate change could disrupt our operations and our distribution networks, cause us to incur increased costs related to such events, or otherwise negatively affect our business.
- Service Level Agreements (“SLAs”) with our largest customers may cause material fluctuations in our financial results.
- Risks Related to Regulation and Legislation
- Regulation by government agencies may increase our costs of providing service or require changes in services, either of which could impair our financial performance.
- Changes to the FCC’s Universal Service Fund (“USF”) framework may adversely impact our Broadband revenue, which may have a material adverse effect on our financial performance and our results of operations.
- Changes to key regulatory requirements can affect our ability to compete.
- The timing of receipt of or an altogether lack of government grant payments may adversely affect our liquidity and ability to complete our performance obligations.
- The Company may fail to complete its performance obligations in regard to government grant awards and incur liquidated damages and/or create an event of default that could allow the municipality to cancel the grant.
- Regulatory and technology constraints could impact our ability to adequately address increases in broadband usage and may cause network capacity limitations, resulting in service disruptions, reduced capacity or slower transmission speeds for our customers.
- Our services may be adversely impacted by legislative or regulatory changes that affect our ability to develop and offer services or that could expose us to liability from customers or others.
- Risks Related to our Indebtedness
- We may not be able to repay future indebtedness.
- Our level of indebtedness could adversely affect our financial health and ability to compete.
- Failure to comply with financial and operating covenants or make scheduled payments related to our Notes and the RCF may restrict our ability to borrow and could accelerate repayment of outstanding debt.
- General Risk Factors
- Adverse economic conditions in the United States and in our market area involving significantly reduced consumer spending or high inflation could have a negative impact on our results of operations.
- Negative outcomes of legal proceedings may adversely affect our business and financial condition, results of operations and cash flows.
- Our business may be impacted by new or changing tax laws or regulations and actions by federal, state and/or local agencies, or how judicial authorities apply tax laws.
- A material impairment in the carrying value of acquired goodwill or other intangible assets could negatively affect our results of operations.
Legal proceedings
We are currently involved in, and may in the future become involved in, legal proceedings, claims and investigations in the ordinary course of our business. Although the results of these legal proceedings, claims and investigations cannot be predicted with certainty, we do not believe that the final outcome of any matters that we are currently involved in are reasonably likely to have a material adverse effect on our business, financial condition, results of operations or cash flows. Regardless of final outcomes, however, any such proceedings, claims, and investigations may nonetheless impose a significant burden on management and employees and be costly to defend, with unfavorable preliminary or interim rulings.
The opening of Item 3, Legal Proceedings.3
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 16SEC EDGARChristopher E. French, Chair
- 17SEC EDGARChristopher E. French, President
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- 27SEC EDGARDara Leslie, SVP Sales & Marketing
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- 32SEC EDGARHeather K. Banks, VP & Chief HRO
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- 40SEC EDGARWilliam L. Pirtle, VP - Sales
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- 42SEC EDGARMatthew Rinklin, Board member
- 43SEC EDGARAiv 1. L.p. Lif, Board member
- 44SEC EDGARJames F. Dimola, Board member
- 45SEC EDGARMatthew Denichilo, Board member
- 46SEC EDGARMichael Anthony Rhymes, Board member
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- 48SEC EDGARThomas Beckett, Board member
- 49SEC EDGARKenneth L. Quaglio, Board member
- 50SEC EDGARLeigh Ann Schultz, Board member
- 51SEC EDGARW. Flora John, Board member
- 52SEC EDGARDale S. Lam, Board member
- 53SEC EDGARTracy Fitzsimmons, Board member
- 54SEC EDGARKen L. Burch, Board member
- 55SEC EDGARNoel M. Borden, Board member
- 56SEC EDGARWilliam A. Truban Jr., Board member
- 57SEC EDGARRichard L. Koontz Jr., Board member
- 58SEC EDGARDouglas C. Arthur, Board member
- 59SEC EDGARJames E. Zerkel Ii., Board member
- 60SEC EDGARRaymond B. Ostroski, General counsel
- 61SEC EDGARAnn E. Flowers, General counsel
- 62SEC EDGARJonathan R. Spencer, General counsel
- 63SEC EDGARResults of operations
- 64SEC EDGARExecutive or director change
- 65SEC EDGARExecutive or director change
- 66SEC EDGARResults of operations
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- 68SEC EDGARResults of operations
- 69SEC EDGARExecutive or director change
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- 71SEC EDGAROther events
- 72SEC EDGARResults of operations
- 73SEC EDGARResults of operations
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- 75NasdaqNasdaq calendar
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